UBS raised its price target for HTSC (06886) to HK$18.4 from HK$13.7 and maintained its "buy" rating.
HTSC is their top pick in the sector. They believe HTSC is better positioned to benefit from potential policy tailwinds. They like HTSC's underappreciated AM theme, strong
position in internet brokerage, potential for distribution synergy with Alibaba as well as potential value unlocking of US-based AssetMark. They estimate these drivers could
boost its valuation by 2-5%.
The research house believes HTSC's advanced internet brokerage platform is more resilient than peers' amid industry pressure on commission rates and provides ample optionality for potential collaboration with Alibaba.
They increase their price target to reflect their improved long-term outlook for the leading broker and its continued progress in internet brokerage.
19/02/2019 16:50
[I-bank focus]UBS raises HTSC (06886) to HK$18.4
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